Topics College costs Sources of aid Award letters How and when to - PDF document

Navigating the 2020-21 Financial Aid Process Jeremy Corrente Assistant Director corrente@fredonia.edu 1 Navigating the Financial Aid Process Topics  College costs  Sources of aid  Award letters  How and when to apply for aid  How financial need is determined  SUNY Smart Track 2 1

Navigating the Financial Aid Process When to apply: Anytime after October 1st of student’s senior year Starting College Fall 2020  Use 2018 federal tax return  Must apply every year  NEW FAFSA App 3 Navigating the Financial Aid Process How to Apply for Aid 1. Request FSA ID 2. Collect information 3. Complete FAFSA online: fafsa.gov 4. New Mobile FAFSA App 5. Complete the CSS Profile (if required by college) 6. Complete TAP online 7. Complete Excelsior Scholarship 8. Watch for your Student Aid Report 9. Communicate with the financial aid office 4 2

Navigating the Financial Aid Process What is the FSA ID?  Used by students and parents throughout aid process  Used to sign FAFSA electronically  Visit fafsa.gov to create  Comprised of a username and password  Only the owner should create a FSA ID.  The security of your FSA ID is important. 5 Navigating the Financial Aid Process 2. Collect Information  Student and parents’ SSN and DOB  Parents’ marital status  Tax returns for student and parents  W-2s for student and parents  Records of untaxed income for student and parents  Bank accounts, stock, real estate and business records for student and parents  Student’s driver’s license number  Student’s alien registration number (non-U.S. citizens) 6 3

Navigating the Financial Aid Process 7 Navigating the Financial Aid Process Mobile FAFSA App for 2019-20 8 4

Navigating the Financial Aid Process CSS Profile for Selected Private Colleges 9 Navigating the Financial Aid Process Sections of the FAFSA Section Three: Dependency Status  Generally dependent if under age 24  Independent if:  Married  A graduate student  Serving in the U.S. military or a veteran  Supporting children or other dependents  Has a court appointed legal guardian  Has been determined homeless or at risk of being homeless 10 5

Navigating the Financial Aid Process Sections of the FAFSA Section Four: Parent Demographics  Name, social security numbers, birth dates  Marital status If your parent does not have an SSN, enter 0’s or 9’s Section Five: Financial Information  Use 2018 Tax returns  Use IRS Data Retrieval Tool 11 Navigating the Financial Aid Process These fields are pre-filled based on FAFSA responses 12 12 6

Navigating the Financial Aid Process 13 Navigating the Financial Aid Process 4. Complete TAP Online First-time Applicants Create User ID & PIN 14 7

Navigating the Financial Aid Process Sources and Types of Financial Aid: Major Grant Programs PELL Grant  Must have EFC between $0 - $5,576  2019-20 maximum annual award $6,195 NYS TAP Grant  Based on NYS net taxable income  Maximum annual award $5,165 15 Navigating the Financial Aid Process Sources and Types of Financial Aid: Federal Work Study  Based on financial need  On- or off-campus employment  Usually 5 hours per week 16 8

Navigating the Financial Aid Process Sources and Types of Financial Aid: William D. Ford Direct Loans Subsidized * Unsubsidized  4.529% interest rate  4.529% interest rate  1.059% Origination Fee  1.059% Origination Fee  Based on need  Not based on need  Federal government pays  Student is responsible for interest while student is in interest while in school school  Loan cannot exceed cost of  $3,500 for freshmen education minus financial aid Maximum Direct Loans for freshmen: $5,500 17 Navigating the Financial Aid Process Sources and Types of Financial Aid: Parent Loans for Undergraduate Students (PLUS)  For parents of dependent students  Borrow up to entire cost of college less financial aid  No adverse credit (parent must pass credit check)  Interest rate 7.079% for 2019-20  4.236% Origination Fee Payment Plans  May vary…typically, families spread the direct costs over the semester or year. 18 9

Navigating the Financial Aid Process STEM Incentive Program  Tuition scholarship at SUNY or CUNY  Eligibility  Need to graduate in top 10% of high school class  Need to study in STEM field  Need to maintain a 2.5 average  Five-year service contract to work in NY State in a STEM field  More information: www.hesc.ny.gov or Scholarship Unit at 1-888-697-4372 19 Navigating the Financial Aid Process Excelsior Scholarship  Award covers tuition only  How it works:  Award equals $5,500, minus any amounts received for TAP, Pell or other scholarships  Remainder of tuition will be covered through a tuition credit paid through SUNY or CUNY 20 10

Navigating the Financial Aid Process Excelsior Scholarship: Eligibility Requirements  Be a resident of New York State  Enroll in a SUNY or CUNY two- or four-year degree program  Take 30 credits per calendar year (including winter and summer terms)  Maintain good academic standing  Plan to live in New York following graduation for the length of time you participate in the scholarship program  Household adjusted gross income does not exceed these limits:  2020/21: $125,000 (based on 2018 federal tax return) ** As of today we have not received notification of any changes to the income limits*** 21 Navigating the Financial Aid Process Excelsior Scholarship: Application Process  Students must complete the FAFSA and TAP applications  The application includes an agreement regarding post- graduation residency in NYS 22 11

Navigating the Financial Aid Process How Much Does SUNY Cost? Baccalaureate Degree Program 2019-2020 NY State Resident Living On-Campus Tuition and fees: $8,717 ($7,070 & $ 1,647) Room and board: 13,720 Books and supplies: 1,350 Transportation: 1,030 Personal expenses: 1,630 Total Budget: $26,447 Source: SUNY Office of Student Financial Aid, System Administration 23 Navigating the Financial Aid Process SUNY Award Letter 24 12

Navigating the Financial Aid Process SUNY Smart Track 25 Navigating the Financial Aid Process TIPS  Complete SUNY Smart Track Course  Read before signing  Do not share your FSA ID  Ask Questions • What is the source of aid? • What is the out-of-pocket expense? • Will the scholarship be renewed? • Is there a GPA requirement for scholarship renewal? • What happens if the GPA requirement for scholarship renewal is not met? 26 13

Navigating the Financial Aid Process Questions? 27 14